The Small and Medium Enterprises General Authority “Monsha’at” signed a cooperation memorandum of understanding with SME Corporation Malaysia during the Biban 24 forum, which Monsha’at organizes from November 5 to 9 at Riyadh Front Exhibition and Conference Center under the theme A Global Destination for Opportunities.
The memorandum of understanding was signed by the Governor of the Small and Medium Enterprises General Authority “Monsha’at”, Sami bin Ibrahim Al Hussaini, while SME Corporation Malaysia was represented by its Chief Executive Officer, Rizal Nainy, in the presence of His Excellency the Minister of Commerce, Doctor Majid bin Abdullah Al-Qasabi, and His Excellency the Minister of Entrepreneur Development and Cooperatives of Malaysia, Ewon Benedick.
The memorandum is a prominent step toward strengthening bilateral relations and expanding cooperation between the two countries in SME development. It sets out a basic framework that enables the two entities to cooperate closely in exchanging information and expertise on the development and growth of SMEs in Saudi Arabia and Malaysia.
The partnership focuses on several areas, including capacity building and high-growth SME programs to facilitate access to markets. It also covers initiatives related to knowledge transfer and the exchange of best practices on the regulations governing the field, helping facilitate business operations and strengthen innovation and the spirit of entrepreneurship.
The Biban 24 forum works to strengthen the Kingdom’s standing as a leading destination for entrepreneurs at the regional and global levels, by developing programs, services, and initiatives that strengthen the growth and competitiveness of entrepreneurial projects, helping spread the culture of entrepreneurship by supporting its ambitious pioneers and raising the rate of new business creation. It also focuses on strengthening the culture of innovation and attracting ideas that have a positive impact on the local and global economy.